Accounting Assignment

#1

Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company.

Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

·         What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?

·         What are the total assets at the end of the previous annual reporting period?

·         How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?

·         What amount of accounts payable did the company have at the end of its most recent annual reporting period?

·         What amount of accounts payable did the company have at the end of the previous annual reporting period?

#2

Discuss the objectives for Week Three. How do they relate to the practice of accounting and its uses in business?

·         Prepare closing entries, reversing entries, and a post-closing trial balance.

·         Prepare a financial statement worksheet.

·         Prepare a classified income statement, retained earnings statement, and balance sheet.

Write a 350- to 500-word summary of your Learning Team’s discussion.